Star Entertainment Group has told the market it’s reviewing its liquidity position after days of silence following its suspension from trading for not posting its financial results.
The Star was supposed to lodge its financial accounts for the 12 months to June 30 last week but did not do so. It said at the time it was because it had received a copy of the second Bell inquiry report into its culture and it was still assessing its financial outlook. The ASX then moved to suspend the group from trading for breaching reporting obligations.
The Queen’s Wharf precinct and Star Casino are seen along side the Neville Bonner Bridge, in Brisbane.Credit: AAPIMAGE
The headlines have been dominated by reports The Star has pleaded with banks, governments and investors to help it with its financial troubles which came to a head after costs associated with its new casino precinct in Brisbane exploded.
The Star told the ASX late on Wednesday it had engaged “various advisers…in relation to its liquidity position in light of adverse trading and other conditions”.
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“The Company confirms that the advice being provided has extended, from time to time, to considering the application of provisions of the Corporations Act 2001 (Cth) (including the safe harbour provisions).“
Safe Harbour provisions are enacted to protect a company’s board from being personally liable for debts in the event it cannot stay solvent.
It’s often used when groups are considering a last-ditch restructure.
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